The Wall Street Journal, 23 Jan 2008, P.R. VENKAT
SINGAPORE -- Singapore, facing its worst recession on record as the global slowdown batters the trade-dependent city-state, will tap its official reserves for the first time to help fund a record 20.5 billion Singapore dollar (US$13.7 billion) stimulus package.
"The government will implement a major fiscal package in response to this crisis," Finance Minister Tharman Shanmugaratnam said Thursday. "We are likely to experience the deepest recession in the Singapore economy since our independence [in 1965], arising from the worst global economic decline in 60 years."
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